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Explain the Purpose of FASB ASC 958-720-45 on Joint-Cost Accounting

question 34

Essay

Explain the purpose of FASB ASC 958-720-45 on joint-cost accounting as it relates to reporting fund- raising expenses of a not-for-profit organization.How is this standard applied?


Definitions:

Federal Food, Drug, and Cosmetic Act

A set of laws passed by Congress giving authority to the U.S. Food and Drug Administration (FDA) to oversee the safety of food, drugs, and cosmetics.

United States Food and Drug Administration

A federal agency responsible for protecting public health by assuring the safety, efficacy, and security of human and veterinary drugs, biological products, and medical devices.

Door-to-Door Solicitation

The practice of visiting residences in person to offer goods, services, or solicit donations.

Funeral Services

Professional services offered by funeral directors and funeral homes, including preparing the body, conducting the funeral ceremony, and managing the final disposition of the deceased.

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